The Illinois Finance Authority is requesting input and feedback on the development of its Property Assessed Clean Energy ("PACE") Warehouse Fund product, which product seeks to provide on-demand interim funding options for PACE projects secured by assessment contracts at an affordable cost of capital for capital providers in the Illinois PACE market. The contemplated Warehouse Fund product will be complementary to the Authority’s PACE bond financing service.
CLICK HERE for a copy of the Request for Comments. Please note that the Authority endeavors to receive comments by June 30, 2019.

Under Illinois law, counties and municipalities establish Commercial Property Assessed Clean Energy (“C-PACE”) programs so commercial property owners in their communities can economically finance or refinance up to 100% of their alternative energy, energy efficiency, renewable energy, resiliency, and water use improvement projects on a long-term basis with a capital provider. 
An interested commercial property owner then voluntarily enters into an assessment contract with the county or municipality and a bond issue funds the respective project. PACE bonds are repaid through the special assessment imposed on the commercial property pursuant to the assessment contract, and PACE bonds are never general or moral obligations of taxpayers. Counties and municipalities that have established C-PACE programs assign assessment contracts originated by capital providers to the Authority in order to utilize the Authority’s standardized, efficient, and affordable PACE bond financing services.
Use the links on this page to find additional help and information and follow us on Twitter at: @IFAPACE

Program Category: 
Bond Programs